Australia-UK free trade accord to begin as EU deal nears finish
A FREE trade agreement (FTA) between Australia and the UK will take effect May 31 as Prime Minister Anthony Albanese highlighted the deflationary benefits of the deal during a visit to London for King Charles III’s coronation.
The accord will end tariffs on 99 per cent of Australian exports to the UK – including large quantities of agricultural produce – and streamline visa and business licencing between the countries, the government said in a statement on Friday (May 5).
While the deal was negotiated under the previous centre-right coalition government, UK authorities have been slow to authorise the agreement. Speaking in London, Albanese said the deal would be a “win-win” for both countries by reducing the cost of a range of goods and services for consumers.
The trade accord with Australia is the first full UK deal negotiated from beginning to end since Britain voted to leave the European Union (EU) in 2016. Australia and the EU are nearing an end to negotiations for their own FTA, with both sides expecting talks to conclude in the middle of 2023.
A European Commission spokesperson told Bloomberg in April they were seeking to conclude the deal by the European summer, with geographical indication of food goods such as cheese one of the final obstacles.
Australian Trade Minister Don Farrell told Bloomberg in February that the two sides weren’t far off. “I’m confident that there’s goodwill on both sides there,” he said at the time.
Negotiations between Australia and India are also ongoing for a wide-reaching free-trade agreement, to complement an interim deal signed in 2022. BLOOMBERG
Share with us your feedback on BT's products and services
